GOLD DEVELOPMENT AND TOKENOMICS
‘GOLD’ is a deflationary token created on the Lamden Blockchain which aims to facilitate various forms of entertainment through themed dapps and games while also providing a new mechanism for community funded development on Lamden.
It can currently be used in /goldflip on Telegram while other applications and games are being rapidly developed. ‘Gold Ticket’ and ‘Gold Reserve’ will be released together in early June while other apps are under development.
This application will run on Telegram like /goldflip and is to be released next week. It will function similar to a lottery but will also encourage community fundraising for development and result in GOLD token burns every Event.
There will be a fixed number of “Gold Tickets” available for each Event which can be purchased via the telegram wallet and interaction with the bot in either the Official Lamden or Rocketswap Telegram groups.
Example Gold Ticket Event:
· 50 Gold Ticket entries available
· Entry Fee is 50% TAU and 50% GOLD (based on market rate)
At the current exchange rate, fees would be:
- 50 TAU
- 9,000,000 GOLD
Total Pot is 2500 TAU, 450,000,000 GOLD
Winner of each event will receive 90% of the TAU and GOLD in the Pot.
- 9% of the TAU Pot goes to the GOLD RESERVE (see below). 1% goes to the bot developer for application updates/maintenance
- Remaining 10% of GOLD pot is burned.
The entry amounts and number of entries can change for each Event
As mentioned above, this is the beneficiary account of GOLD TICKET. The funds collected here will be available to facilitate development of additional Lamden Applications external to GOLD. This account will not directly benefit GOLD. As currently envisioned, this development fund should be managed by several key Lamden Community members rather than the GOLD team. These individuals will be able to approve withdrawals from the Reserve. Applicants would be able to submit a project proposal for funding. This may be branch off into a much more complex fundraising system or even a stand-alone ‘Lamden-Starter’ type platform.
The existing circulating supply of GOLD is approximately 40 Billion tokens (see TauHQ). Of these, more than 15B tokens have been distributed through airdrops on Telegram (rain) or have been purchased through the GOLD:TAU trading pair on Rocketswap. A detailed breakdown of the remaining tokens can be found below:
To encourage a fair distribution of tokens and to incentivize the GOLD team to continue ongoing development almost all of the existing ‘team controlled tokens’ have been moved into custody of the Rocketswap team. 16B tokens have been put aside and will be available as farming emissions on Rocketswap. These rewards will be split between the following — amounts subject to change:
SEE FARMING ARTICLE
Once Rocketswap has released their new farming contracts we will work on getting this implemented as quickly as is possible.
You will notice the “Staking & LP Rewards” and “Team Token” categories have been combined into the 16B total.
*4B of the 16B tokens emitted through farming will be issued to the Gold Team as developer rewards and equates to 10% of total supply. The farming rewards will take place over a 12 month period. The great @DUCKFEVER has come on board as a technical advisor to make this all possible.
**The next largest category is a 5B GOLD liquidity lock. The Team entered 5B GOLD and relative TAU into the liquidity pool in mid-May. The Team proposes that this liquidity be locked for a minimum of 6 months.
The mechanism for this is still to be determined via Rocketswap but will be implemented ASAP. At time of writing this is equal to about 3.8B GOLD and 20,000 TAU.
Finally, we wanted to announce that @ENDOGEN has officially joined the GOLD Team. Endogen has been integral in developing /goldflip and /goldticket and adds another layer of technical knowledge and experience to the team. The last category of token distribution set aside is 2B gold which will be distributed through the launch of Endogen’s upcoming solo project. I can’t share anything else, but it will very much highlight why we are so excited to have him as part of the core team.